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May 14, 2026Corporate Governance

Corporate governance and firm value: product market competition as a moderator in a developing market

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Authors

IKIsmail KhanHRHaseeb Ur RahmanMKMustafa R. Rehman Khan

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Overview

Randomized trial examines the impact of product market competition on the link between corporate governance and firm value in Pakistan, suggesting new strategies for improvement.

Key Points

  • This study examines how product market competition influences the relationship between corporate governance and firm value within the context of agency theory in Pakistan.
  • Applied fixed-effect models to analyze panel data from 369 firms listed on the Pakistan Stock Exchange
  • Used instrumental variable two-stage least squares estimator and system generalized method of moments
  • Analyzed data collected between 2010 and 2023
  • Corporate governance increases firm value in highly competitive industries but diminishes it in less competitive ones
  • Effect is stronger in state-owned enterprises compared to non-state-owned enterprises
  • Robustness confirmed across various sample divisions and governance structures

Cite This Study

Khan et al. (2026) studied this question.

synapsesocial.com/papers/6a0567d2a550a87e60a200f4https://doi.org/10.1108/cg-01-2025-0005
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